MANILA - Jollibee Foods Corp (JFC) posted P2 billion in net income in the fourth quarter of 2020, down 34.5 percent compared to the same period in 2019.

The company said revenues decreased by 29.9 percent to P36.7 billion in the fourth quarter versus a year ago primarily because of permanent store closures and lower sales per store due to the COVID-19 pandemic.

Despite the sharp decline in profits in the Oct-Dec period, this was still an improvement over the net losses posted in the previous three quarters.

For the whole of 2020, Jollibee incurred a net loss of nearly P11.5 billion.

JFC CEO Ernesto Tanmantiong said the company looks forward to sustained recovery this year as the world gradually returns to normalcy, with the introduction of COVID-19 vaccines.

“We plan to open 400 plus new stores worldwide most of which will be outside of the Philippines, particularly in North America, Vietnam and China,” Jollibee said.

Tanmantiong said Jollibee’s sales and profit growth will be driven by its international business this year and in the coming years.

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The company said it plans to P12.2 billion this year to open about 450 stores.

Last year, JFC opened a total of 338 new stores, 81 in the Philippines and 257 abroad. This was the first time in the company's history that more new stores were opened abroad than in the Philippines.

“We believe that out of this pandemic, we will emerge as a stronger business and organization.”

Besides the Jollibee chain of fast food stores, JFC also operates several other restaurant brands in the Philippines and abroad.

JFC shares closed 0.8 percent higher on Monday at P180.10 per share.

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